Management Forecasts Revision and Market Reactions Research

摘要：

Taking the annual earnings warning revision issued from 2006 to 2008 as samples of management forecasts revision, this paper examines the market responses before and after such information issued. The finding shows that there is a logically reasonable and statistically significant correlation among the type of management forecasts revision and the signs and MCAR values of stock price change. But the market reaction to the good news is stronger than that to the bad news. The market responses of the revision better suggest that the possibility of insider trading exists in the Chinese market with the good news. At the same time, the market expectation is not reasonable enough to the bad news.

关键词： Management Forecasts Revision Market Reactions Information Content

作者: Ping Yang lihua Liu

作者单位: School of Management, Northwestern Polytechnical University, Xian, China

会议类型: 国际会议

会议名称: The 1st International Conference on Sustainable Construction & Risk Management(首届可持续建设与风险管理国际会议)

会议地点: 重庆

会议语种:英文

页码: 523-527

在线出版日期: 2010-06-12（万方平台首次上网日期，不代表论文的发表时间）